2013 The CPA Exam Attorney Paul M. Kasprowicz, CPA

Becker Professional Education A global leader in professional education serving accounting, finance, project management and healthcare professionals from career start to finish.

Obtaining your CPA License E ducation | E xam | E xperience Every state is unique The Three E’s

State Requirements Becker.com/state State Board of Accountancy ThisWaytoCPA.com NASBA.org (National Association of State Boards of Accountancy)

CPA Exam Process Qualify Review state requirements Apply Submit your application to sit for the CPA Exam Prepare Enroll in Becker Receive your Notice-to- Schedule (NTS) Schedule Schedule exam with Prometric Succeed Study and sit for the CPA Exam 5 Key Steps

JAN OPEN FEB OPEN MAR CLOSED APR OPEN MAY OPEN JUN CLOSED JUL OPEN AUG OPEN SEP CLOSED OCT OPEN NOV OPEN DEC CLOSED 2 nd Qtr Window 1 st Qtr Window 3 rd Qtr Window 4 th Qtr Window Sit for exams as soon as eligible. Must pass all 4 parts within an 18-month window. Firms want new hires to pass early in their careers. Begin Application Process The On Demand Exam

Structure and Content About the CPA Exam

E xam Overview 4 Independent Sections Financial Accounting and Reporting (FAR) 4 hours Regulation (REG) 3 hours Auditing and Attestation (AUD) 4 hours Business Environment and Concepts (BEC) 3 hours Exam can be taken in any state or jurisdiction Exam is administered at Prometric Testing Centers

Financial

Financial - Structure 60% 40% Three multiple-choice question (MCQ) testlets containing 90 questions One testlet containing seven short, task-based simulations (TBS) 15 MCQs and 1 TBS are pretest questions Passing Grade 75

Financial - Content

Financial - IFRS Demonstrate knowledge and awareness of the following: Differences between financial statements prepared under U.S. GAAP and under IFRS First-time adoption of IFRS related to financial reporting, presentation and disclosures in general-purpose financial statements

Audit

Audit - Structure 60% 40% Three multiple-choice question (MCQ) testlets containing 90 questions One testlet containing seven short, task-based simulations TBS 15 MCQs and 1 TBS are pretest questions Passing Grade 75

Audit - Content

New Statement on Auditing Standards AICPA’s Clarified Statements on Auditing Standards (SAS) are testable on the CPA Exam beginning July 1, 2013 –The standards were re-drafted to make them easier to read, understand and apply and to converge with international standards CPA candidates should plan to take the Audit exam in the first two testing windows of 2013 (Jan-Feb or Apr-May) before the Clarified SAS become testable Becker’s 2013 Audit course has been fully updated to reflect these new standards

Audit – U.S. vs International Auditing Standards Demonstrate knowledge and awareness of the following: International Auditing & Assurance Board (IAASB) - role in establishing International Standards on Auditing (ISAs) Differences between ISAs and US Auditing Standards International Ethics Standards Board for Accountants (IESBA) Role in establishing International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants. Related independence requirements when auditing a U.S. company that supports an audit report based on auditing standards of another country, or ISAs

Regulation

Regulation - Structure 60% 40% Three multiple-choice question (MCQ) testlets containing 72 questions One testlet containing six short, task- based simulations (TBS) 12 MCQs and 1 TBS are pretest questions Passing Grade 75

Regulation - Content

Business

Business - Structure 85% 15% Three multiple-choice question (MCQ) testlets containing 72 questions Three written communication tasks 12 MCQs and 1 written communication task are pretest questions Passing Grade 75

Business - Content

Business - IFRS and ISA Demonstrate an understanding of globalization in the business environment Explain the underlying economic substance of transactions and their accounting implications

Exam Structure

Multiple Choice

Simulations

Research Tasks Research task format based on the FASB Codification™.

Written Communication (BEC Only)

Becker’s CPA Exam Review

Becker CPA Exam Review The leader in CPA review for more than 50 years Over 400,000 candidates have passed the CPA exam using Becker, more than any other review provider Double the pass rate of non-Becker candidates* Partnerships with the Big 4 and 99 of the top 100 accounting firms 31 out of the 37 most recent Elijah Watt Sells Award winners prepared with Becker’s CPA Exam Review. Since 2005, almost 90% of all Watt Sells winners have prepared with Becker. *Becker Professional Education students pass at double the rate of all CPA exam candidates who did not take a Becker course, based on averages of AICPA-published pass rates. Data verified by an independent third-party firm.

Flexible Course Formats Over 250 worldwide locations Dedicated online instructors Anytime anywhere

A Complete CPA Review Focused on Your Success Study anywhere, anywhere using any device Expert Instruction and Unlimited Academic Support Comprehensive Textbooks and eBooks Interactive Study Planner and Writing Tutorials Becker Software with resources that replicate the content and functionality of the CPA Exam  Multiple Choice Homework  Simulations  Final Exams

Study Road Map Provides guidance on what to study and how much time to devote to each topic. Fully integrates all course elements.

Multiple Choice Questions Over 6,500 questions. Link to lecture and link to text features provide clarification on challenging topics. Complete answer explanations. Timer allows you to stay on pace.

Simulations Over 250 task-based simulations. Functionality mirrors the CPA Exam. Timer allows you to stay on pace.

Review Before Exam Provides direction on how to prepare in your final days leading up to the exam. Includes two full final exams per part that mirror the CPA Exam.

Study Planner Creates a customized preparation plan that fits your needs. Drag and drop functionality allows you to easily address schedule changes. Export capability to MS Outlook.

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Additional Study Tools Flashcards Over 1,000 cards in a portable format for learning anywhere, anytime Available in traditional or mobile formats: iPhone®, iPod Touch®, iPad® and Android Final Review Complements your CPA Exam Review course. Shows you which areas to focus on during your last critical days of study. Available in live or self-study formats

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The Becker Promise If you study with Becker but do not pass the CPA Exam, you may repeat our course at no additional tuition cost if you satisfy our requirements. Learn more at becker.com/promise

“” Christopher Michael Leon Watt Sells winner and Becker alum I credit a lot of my success on the exam to Becker. My best advice to other candidates: Don't skimp on the exam review. The time & money you invest now will pay off for a lifetime and Becker is one of the best investments you can make.

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